i don't think from this point that we'll get meaningful deficit reduction. certainly not meaningful tax reform. i do think that there will be perhaps a permanent extension of the lower tax rates for those making at least under $500,000. the payroll tax cut on the other hand will go away, i think. it's highly likely. that is going to impact a lot of workers. >> bair also took on the credit sthamp increasing the -- criticism that increasing the tax on capital gains. >> this is an aberration in the tax code. it is grossly unfair. you look at if they raise, say they raise tax rates, the top tax rate to 39.6% for those making more than $500,000, that's going to mean that small businesses, a lot of small businesses are going to be paying that nearly 40% marginal tax rate where you have billionaire private equity funds, you know, paying 15, 20, or 2 4 depending where they put it. it's not an issue of penalizing investment income. it's an issue of penalizing labor and those who make the income through wages. and they're both legitimate and both should be taxed at th